Block, the fintech firm founded by Jack Dorsey, has acquired Hifi, a music-centric startup dedicated to providing financial services to artists.
This acquisition marks Block’s ongoing commitment to economic empowerment through innovative financial technologies, as stated on Hifi’s updated website.
Block Locks Down Another Music Service
Hifi, launched in 2020, has been a financial rights champion for artists. The platform offers artists a way to monitor royalty income via a comprehensive dashboard. This dashboard amalgamates data from numerous sources, including music labels, distribution services, music publishers, and Performing Rights Organizations.
The firm’s CEO Damian Manning spoke on the acquisition:
“[Block] furthers our shared purpose of economic empowerment with the financial technologies and services we have built to help artists thrive.”
Hifi’s recent introduction of a royalty acceleration service named “Cash Flow” further underscores its commitment to artists’ financial stability. Its primary goal is to provide a bi-monthly salary to artists.
Block’s acquisition of Hifi is not its first foray into music tech. The company previously acquired Tidal, a music streaming service, in 2021.
Despite criticism of the Tidal acquisition, Block has remained steadfast in its mission to integrate music and fintech.
AI and Music Worlds Collide
Meanwhile, Google and Universal Music Group (UMG) are reportedly in negotiations to develop a mechanism to compensate artists for the use of their voices and melodies in synthetic music. This move is in response to the growing trend of AI-generated music using artists’ voices without proper compensation.
If these negotiations are fruitful, artists could opt in and earn additional income. This could potentially impact nearly one-third of the world’s music.
Google’s potential partnership with UMG could leverage tools recently developed by Google to generate music from AI and text prompts. This development comes in the wake of Google’s active strides in the music and AI industry, particularly amid competition with Microsoft and OpenAI.
Read more: ChatGPT Tutorial: How To Use ChatGPT by OpenAI
Google’s CEO, Sundar Pichai, has affirmed the company’s commitment to distinguishing between organic and synthetic content while also ensuring artists’ intellectual property rights remain protected.
The intertwining of fintech, music, and AI industries presents a new frontier for artist empowerment. With companies like Block and Google leading the charge, artists stand to gain a new level of financial stability and control over their intellectual property.
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